Man Group is buying all the residual exposure to the Lehman estates from funds managed by its subsidiary GLG Partners, finally ridding the funds' investors of uncertainty about residual claims against the Lehman estate, which declared bankruptcy in 2008.

Man Group said it will pay current net asset value and the cost will be $355m in cash. The deals will mainly affect GLG’s European long-short and North American opportunity strategies. Man Group will bear the risk of a drop in the assets' value, though it also stands to gain if the proceeds of the claims are larger than $355m.

“Man will be entitled to the proceeds of each claim as and when it is distributed by the relevant Lehman estate, although the precise timing of receipts is difficult to determine given the complexity of the Lehman insolvencies,” said the company.

In the wake of Lehman's bankruptcy in 2008, GLG put out a letter to investors saying its direct exposure to Lehman was about $95m, or less than 1% of GLG's net assets under management, but accepted this estimate could change.

Just as innovation is driving rapid change in our lives, it is changing how we invest. Many investors are facing challenges because the traditional ways of sourcing alpha are no longer sufficient to help meet investment goals.

Roundtables & Panels

…that’s the ratio of traded passive to active equities. The statistic is significant given the ‘bull market’ in ETFs and the supposed risk around this, our panel hears. Plus, smart beta and the rise of active ETFs.

Our panel tackles questions around appropriate benchmarks for multi-asset funds, and where these products sit in portfolios. First, though, what exactly is a multi-asset fund? It’s a very broad church, we are told.